The 13 Major Cities Where Foreclosures Soared Last Year
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The foreclosure crisis isn't exclusive to real estate-addled cities like Las Vegas and Phoenix
In fact, as the crisis deepened, foreclosures mounted in unexpected cities last year. Of the 13 major cities that saw the biggest increases in foreclosures in 2010, according to data from RealtyTrac, none were in the notorious housing bust states of Florida, Arizona or Nevada.
Foreclosure activity increased in 149 of the country's 206 largest metropolitan areas last year, RealtyTrac found. Even cities that were initially shielded from the the worst of the foreclosure crisis have now seen big jumps in foreclosure activity, AP notes. Job loss has become the leading cause of the increase.
Falling home prices erode homeowners' wealth, making them more vulnerable to default and foreclosure. As foreclosures tend to bring property values down even further, the cycle can perpetuate itself. Rising unemployment makes the situation worse still.
Check out the areas that saw the biggest increases in foreclosures last year, per RealtyTrac's data:
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First Posted: 02/ 1/2011 1:32 pm Updated: 05/25/2011 7:30 pm